Financials JMDC Inc.

Equities

4483

JP3386690006

Business Support Services

Delayed Japan Exchange Other stock markets 05:21:10 30/04/2024 BST			5-day change	1st Jan Change
3,235 ^JPY	-1.07%		+1.28%	-24.11%

02-05	Omron Corp.'s Attributable Profit Declines 84.5% in Fiscal Nine Months	MT
02-05	Jefferies Adjusts JMDC's Price Target to 5,700 Yen From 6,030 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	120,784	291,421	381,919	286,135	213,631	-	-
Enterprise Value (EV) ¹	122,361	290,976	386,522	283,751	216,473	213,691	205,429
P/E ratio	73.9 x	112 x	117 x	63.9 x	30.4 x	29.8 x	23.5 x
Yield	-	-	0.15%	0.26%	0.51%	0.53%	0.63%
Capitalization / Revenue	9.93 x	17.4 x	17.5 x	10.3 x	6.15 x	5.02 x	4.23 x
EV / Revenue	10.1 x	17.3 x	17.7 x	10.2 x	6.24 x	5.02 x	4.07 x
EV / EBITDA	37.7 x	59.8 x	60.3 x	36.8 x	19.4 x	17.2 x	13.6 x
EV / FCF	-153 x	162 x	-90 x	235 x	35 x	101 x	29.6 x
FCF Yield	-0.65%	0.62%	-1.11%	0.43%	2.86%	0.99%	3.38%
Price to Book	9.22 x	10.3 x	12.3 x	4.44 x	3 x	2.77 x	2.52 x
Nbr of stocks (in thousands)	51,950	55,828	56,497	62,887	65,331	-	-
Reference price ²	2,325	5,220	6,760	4,550	3,270	3,270	3,270
Announcement Date	14/05/20	13/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,158	16,771	21,814	27,809	34,717	42,531	50,445
EBITDA ¹	3,245	4,867	6,411	7,716	11,150	12,401	15,115
EBIT ¹	2,215	3,695	4,800	5,926	9,479	9,944	12,497
Operating Margin	18.22%	22.03%	22%	21.31%	27.3%	23.38%	24.77%
Earnings before Tax (EBT) ¹	2,178	3,636	4,785	5,876	9,280	10,124	12,847
Net income ¹	1,528	2,476	3,258	4,267	6,920	7,092	8,976
Net margin	12.57%	14.76%	14.94%	15.34%	19.93%	16.68%	17.79%
EPS ²	31.46	46.54	57.94	71.17	107.6	109.6	139.2
Free Cash Flow ¹	-801	1,792	-4,293	1,207	6,182	2,122	6,936
FCF margin	-6.59%	10.69%	-19.68%	4.34%	17.81%	4.99%	13.75%
FCF Conversion (EBITDA)	-	36.82%	-	15.64%	55.44%	17.11%	45.89%
FCF Conversion (Net income)	-	72.37%	-	28.29%	89.33%	29.91%	77.28%
Dividend per Share ²	-	-	10.00	12.00	16.55	17.45	20.65
Announcement Date	14/05/20	13/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	-	6,532	6,975	9,796	5,020	9,550	6,129	6,135	12,264	5,776	6,284	12,060	7,482	8,267	15,749	6,698	7,048	13,746	8,535	12,845	8,180	9,146	10,938	15,146
EBITDA ¹	-	1,929	1,664	3,203	1,308	2,472	2,108	1,831	3,939	1,521	1,435	2,956	2,376	2,384	4,760	1,679	1,624	-	2,885	4,099	2,031	2,119	3,454	5,296
EBIT ¹	-	1,321	1,107	2,588	914	1,740	1,677	1,383	3,060	1,081	1,126	2,207	1,821	1,898	3,719	2,546	1,056	3,602	2,065	3,857	1,611	1,173	2,476	4,860
Operating Margin	-	20.22%	15.87%	26.42%	18.21%	18.22%	27.36%	22.54%	24.95%	18.72%	17.92%	18.3%	24.34%	22.96%	23.61%	38.01%	14.98%	26.2%	24.19%	30.03%	19.7%	12.82%	22.64%	32.09%
Earnings before Tax (EBT) ¹	-	1,323	1,101	2,535	913	1,722	1,686	1,377	3,063	1,120	1,114	2,234	1,773	1,869	3,642	2,552	1,063	3,615	1,957	3,531	2,190	1,418	2,686	4,266
Net income ¹	-	938	729	1,747	601	1,141	1,139	978	2,117	765	679	1,444	1,210	1,613	2,823	2,040	622	2,662	1,315	3,082	1,200	774.3	1,763	3,490
Net margin	-	14.36%	10.45%	17.83%	11.97%	11.95%	18.58%	15.94%	17.26%	13.24%	10.81%	11.97%	16.17%	19.51%	17.92%	30.46%	8.83%	19.37%	15.41%	23.99%	14.67%	8.47%	16.12%	23.04%
EPS ²	-	-	14.05	-	10.70	20.36	20.25	-	-	13.55	-	25.29	19.69	26.19	-	32.42	9.780	42.20	20.11	53.88	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22.00	-	-	-	18.00
Announcement Date	13/11/19	14/05/20	05/11/20	13/05/21	05/11/21	05/11/21	07/02/22	10/05/22	10/05/22	09/08/22	04/11/22	04/11/22	06/02/23	09/05/23	09/05/23	09/08/23	02/11/23	02/11/23	02/02/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,577	-	4,603	-	2,842	60	-
Net Cash position ¹	-	445	-	2,384	-	-	8,202
Leverage (Debt/EBITDA)	0.486 x	-	0.718 x	-	0.2549 x	0.004838 x	-
Free Cash Flow ¹	-801	1,792	-4,293	1,207	6,182	2,122	6,937
ROE (net income / shareholders' equity)	15.9%	12%	11%	8.9%	10.3%	9.6%	11%
ROA (Net income/ Total Assets)	6.66%	8.58%	7.98%	7.32%	7.95%	7.6%	9%
Assets ¹	22,955	28,872	40,825	58,323	87,048	93,321	99,737
Book Value Per Share ²	252.0	505.0	551.0	1,026	1,090	1,181	1,297
Cash Flow per Share ²	49.80	68.50	87.60	105.0	160.0	140.0	162.0
Capex ¹	343	1,384	1,322	2,855	2,842	2,057	2,231
Capex / Sales	2.82%	8.25%	6.06%	10.27%	8.19%	4.84%	4.42%
Announcement Date	14/05/20	13/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JMDC Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,270 JPY

Average target price

5,400 JPY

Spread / Average Target

+65.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Data Processing Services

	1st Jan change	Capi.
JMDC INC.	-24.11%	1.36B
VERRA MOBILITY CORPORATION	+5.73%	4.05B
COMPUTER AGE MANAGEMENT SERVICES LIMITED	+23.65%	1.94B
WNS (HOLDINGS) LIMITED	-36.44%	1.97B
KEHUA DATA CO., LTD.	-1.59%	1.74B
SDIC INTELLIGENCE XIAMEN INFORMATION CO., LTD.	-15.36%	1.61B
SHANGHAI @HUB CO.,LTD.	-5.20%	1.2B
FUJIAN START GROUP CO.LTD	-6.85%	1.02B
ZEUUS, INC.	+119.33%	694M
MERIT INTERACTIVE CO.,LTD.	-22.75%	643M

Data Processing Services